v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
Our long-term total debt consisted of the following:
December 31,
Millions of dollars
2025
2024
5.0% senior notes due November 2045
$1,887
$1,887
2.92% senior notes due March 2030
1,000
1,000
4.85% senior notes due November 2035
997
997
7.45% senior notes due September 2039
938
938
4.75% senior notes due August 2043
846
846
6.7% senior notes due September 2038
763
763
4.5% senior notes due November 2041
469
469
7.6% senior debentures due August 2096
226
226
6.75% senior notes due February 2027
90
90
Other
6
6
Unamortized debt issuance costs and discounts
(64)
(62)
Total long-term debt
$7,158
$7,160
Short-term borrowings and current maturities of long-term debt
—
381
Total debt
$7,158
$7,541
There were no short-term borrowings and current maturities of long-term debt as of December 31, 2025. There were
no short-term borrowings and $381 million of current maturities of long-term debt as of December 31, 2024.
Senior debt
We may redeem all of our senior notes from time to time or all of the notes of each series at any time at the applicable
redemption prices, plus accrued and unpaid interest. Our 6.75% senior notes due February 2027 and 7.6% senior debentures due
August 2096 may not be redeemed prior to maturity.
Repurchases of senior debt
Our total debt repurchases consisted of the following:
December 31,
Millions of dollars
2025
2024
4.75% senior notes due August 2043
$—
$32
4.5% senior notes due November 2041
—
31
5.0% senior notes due November 2045
—
24
7.45% senior notes due September 2039
—
8
4.85% senior notes due November 2035
—
3
7.6% senior debentures due August 2096
—
2
Total Repurchases
$—
$100
For the year ended December 31, 2024, we used cash on hand to fund these repurchases, which included the principal
amount, a net premium or discount, and accrued interest. The remaining principal balance of these instruments of $5.4 billion in
the aggregate remains outstanding as of December 31, 2025.
Redemption of 3.8% senior notes due November 2025
In November 2025, we retired the remaining $382 million principal amount of our 3.8% senior notes at their scheduled
maturity using cash on hand.
Revolving credit facilities
On August 18, 2025, we entered into a new $3.5 billion five-year revolving facility, which replaced our $3.5 billion
revolving credit facility established in April 2022. The revolving credit facility is for general working capital purposes and
expires on August 16, 2030. The full amount of the revolving credit facility was available as of December 31, 2025.
Debt maturities
Our debt matures as follows: no amounts in 2026, $90 million in 2027, no amounts in 2028 and 2029, $1.0 billion in
2030, and the remainder thereafter.